Full story here.
Naked shorting is illegal in the US, and for very good reasons. On a larger scale, it is used for price manipulation, and is the equivalent of counterfeiting. The removal of the uptick rule by the SEC on July 6, 2007, which had been created in 1938 as part of the New Deal [...]
Story here from ZeroHedge. All I could say when I read this was “Fuck. Octuple fuck!!!!!”
If you want even more nuanced arguments as to why you too should be swerving to the side of the road yelling “FUCK!!!” then take a look at this.
“And you thought the $23 trillion in backstops for the financial system [...]
Full story here from ZeroHedge.
“In order to streamline securities settlement, Congress ordered that shares traded on exchanges be immobilized, which obviates both physical delivery of certificates and registration of transfer because the shares usually remain registered in the name of a depository or its nominee. This process creates a discrepancy between ownership of the share [...]
Our Sunday sermon will be on the DTCC, the Depository Trust & Clearing Corp. Never heard of it? You should. “Last year DTCC settled $1.88 quadrillion in securities transactions across multiple asset classes. We essentially turnover the equivalent of the U.S. GDP every three days.”
Per ZeroHedge.com here:”Below I present DTCC’s full testimony before the House [...]